Regular Saving ‘Can Reduce Stress For Many’

Making regular savings could improve wellbeing for many people who are stressed about their finances, a study claims.

According to research by Lloyds Bank, personal finances are the biggest source of stress and anxiety for 46% of people.

Some 59% of those aged between 35 and 44 years old were most likely to be anxious about money, closely followed by 25 to 34-year-olds (58%).

However, 74% of regular savers said they felt happy over the month prior to being asked, compared with 36% of non-savers.

More than half (53%) of those with a savings plan in place said this has had a positive impact on their mental health.

Mark Rawcliffe, head of savings at Lloyds Bank, said:

“Getting into the savings habit can not only help your finances, but it can also ease financial worries and reduce stress for many.

“Having savings provides peace of mind that there is a financial buffer for any unexpected costs arising or reassurance of the ability to pay for something if you are saving up for a longer-term goal.”

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